Quarterly report pursuant to Section 13 or 15(d)

Goodwill and Intangible Assets (Tables)

v3.21.2
Goodwill and Intangible Assets (Tables)
9 Months Ended
Oct. 02, 2021
Goodwill And Intangible Assets Disclosure [Abstract]  
Summary of changes in goodwill

A summary of changes in goodwill by segment for the nine months ended October 2, 2021, is as follows:

 

 

Hydraulics

 

 

Electronics

 

 

Total

 

Balance at January 2, 2021

 

$

261,129

 

 

$

182,404

 

 

$

443,533

 

Acquisition of NEM

 

 

32,937

 

 

 

 

 

 

32,937

 

Measurement period adjustment, Balboa Water Group acquisition

 

 

 

 

 

435

 

 

 

435

 

Currency translation

 

 

(13,871

)

 

 

 

 

 

(13,871

)

Balance at October 2, 2021

 

$

280,195

 

 

$

182,839

 

 

$

463,034

 

Schedule of intangible assets

At October 2, 2021 and January 2, 2021, intangible assets consisted of the following:

 

 

 

October 2, 2021

 

 

January 2, 2021

 

 

 

Gross Carrying
Amount

 

 

Accumulated
Amortization

 

 

Net Carrying
Amount

 

 

Gross Carrying
Amount

 

 

Accumulated
Amortization

 

 

Net Carrying
Amount

 

Definite-lived intangibles:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trade names and brands

 

$

83,045

 

 

$

(14,214

)

 

$

68,831

 

 

$

80,402

 

 

$

(11,188

)

 

$

69,214

 

Non-compete agreements

 

 

950

 

 

 

(918

)

 

 

32

 

 

 

950

 

 

 

(776

)

 

 

174

 

Technology

 

 

49,984

 

 

 

(15,470

)

 

 

34,514

 

 

 

45,955

 

 

 

(12,368

)

 

 

33,587

 

Supply agreement

 

 

21,000

 

 

 

(10,150

)

 

 

10,850

 

 

 

21,000

 

 

 

(8,575

)

 

 

12,425

 

Customer relationships

 

 

337,212

 

 

 

(40,415

)

 

 

296,797

 

 

 

330,406

 

 

 

(31,431

)

 

 

298,975

 

Sales order backlog

 

 

1,043

 

 

 

(522

)

 

 

521

 

 

 

8,000

 

 

 

(3,000

)

 

 

5,000

 

Workforce

 

 

6,077

 

 

 

(709

)

 

 

5,368

 

 

 

 

 

 

 

 

 

 

 

 

$

499,311

 

 

$

(82,398

)

 

$

416,913

 

 

$

486,713

 

 

$

(67,338

)

 

$

419,375

 

 

Schedule of estimated amortization expense of intangible assets, excluding software development in process

Amortization expense for the nine months ended October 2, 2021 and September 26, 2020, was $25,285 and $13,323, respectively. Future estimated amortization expense is presented below.

 

Year:

 

 

 

2021 Remaining

 

$

7,279

 

2022

 

 

27,035

 

2023

 

 

26,976

 

2024

 

 

26,321

 

2025

 

 

26,256

 

2026

 

 

24,873

 

Thereafter

 

 

278,173

 

Total

 

$

416,913